Insolvency and Bankruptcy Code
IBC
Advanced Level
India
Regulatory & Compliance
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Definition
A unified framework for resolving insolvency of companies and individuals in a time-bound manner.
Detailed Explanation
Enacted in 2016, IBC provides 180-day resolution period (extendable to 330 days). NCLT handles corporate cases. Creditors can initiate proceedings. It replaced multiple overlapping laws.
Example
Essar Steel's resolution through IBC resulted in ₹42,000 crore recovery for creditors.
Local Context (India)
IBC has significantly improved India's ease of doing business ranking.
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